Mahindra and Mahindra Ltd, one of India’s leading automotive companies, recently revealed their investment plans. They have plans to make an investment of INR 10,000 Crore for electric vehicles. This investment plan has already been approved under the Maharashtra Government’s industrial promotion scheme for Electric Vehicles.
The company, through its subsidiary, will make investments of approx. INR. 10,000 Crore over the next 7-8 years. Under this, they will set up manufacturing facilities, development, and production of
Mahindra’s upcoming Born Electric Vehicles (BEVs). Some of which we have already seen in Oxfordshire, UK, on August 15 th , 2022. Based on the state-of-the-art INGLO EV Platform, the products include the e-SUVs under the iconic brand – XUV with the Twin Peak logo in copper and the all-new electric-only brand called ‘BE’.
Mahindra mentioned that they are delighted with this approval from the Govt. of Maharashtra for setting up its EV Manufacturing Plant in Pune. In fact, the city has been Mahindra’s ‘home’ state for over 70 years. The company also thanked the Govt. of Maharashtra for their continued support. The Government’s focus on ‘ease-of-doing-business’ and progressive policies, together aid Mahindra’s investment. All of this will act as a catalyst for Maharashtra to become India’s EV hub, attracting further Indian and Foreign Direct Investment.
Founded in 1945, the Mahindra Group is currently one of the largest and most admired multinational federations of companies. It employs close to 2,60,000 employees in over 100 countries. It currently enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. In fact, it is also the world’s largest tractor company by volume. The company also has a strong presence in renewable energy, agriculture, logistics, hospitality, and real estate.
The Mahindra Group has a clear focus on leading ESG globally, by enabling rural prosperity and enhancing urban living. The goal is to drive positive change in the lives of communities and stakeholders to enable them to Rise.
Also Read: Mahindra XUV400 launched in India at INR 15.99 lakh.